ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 04197976

HEALTHSOURCE (BROMLEY) LIMITED

AUDITED

DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2025

HEALTHSOURCE (BROMLEY) LIMITED

COMPANY INFORMATION

Directors	Mr A T S Parry
	Mr A W Hopps


Company secretary	Pario Limited


Registered number	04197976


Registered office	Unit 18 Riversway Business Village
	Navigation Way
	Ashton-on-Ribble
	Preston
	PR2 2YP


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

HEALTHSOURCE (BROMLEY) LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 22

HEALTHSOURCE (BROMLEY) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company's principal activities are to provide new hospital equipment and replacement and ongoing maintenance to the Princess Royal University Hospital and other sites under the control of King's College Hospital NHS Foundation Trust for a period of 30 years, maturing in 2032, under the Government's Private Finance Initiative ("PFI").

Results and dividends

The profit for the year, after taxation, amounted to £2,013,006 (2024 - £1,875,778).

Dividends of £200,000 (2024 - £200,000) were paid during the year and the directors have not recommended a final dividend to be paid (2024 - £Nil).

Directors

The directors who served during the year were:

Mr A T S Parry

Mr A W Hopps

Page 1

HEALTHSOURCE (BROMLEY) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr A T S Parry

Director

Date: 22 December 2025

Page 2

HEALTHSOURCE (BROMLEY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) LIMITED

Opinion

We have audited the financial statements of Healthsource (Bromley) Limited (the 'Company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 2.18 of the financial statements, which describes the accounting treatment for fair value gains and losses on financial instrument swaps held by the Company. Our opinion is not modified in this respect.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

HEALTHSOURCE (BROMLEY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

HEALTHSOURCE (BROMLEY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, health and safety legislation, data protection legislation and UK tax law are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;

∙Assessing the reasonableness of revenue and finance income recognised in the period based on PFI contract terms and obligations and the requirement of accounting standards;

∙Reviewing and challenging assumptions and judgements in respect of significant accounting estimates, regarding the valuation of fixed assets and related impairment assessment, including valuation methodology and models and key inputs such as forward cash flow forecasts and associated growth rates and discount rates;

∙Reviewing and challenging the underlying assumptions and valuation methodology used for the valuation of the Company's group and third party loans including assessing the reasonableness of valuation inputs and assumptions in the context of market available data to assess for indicators of management bias;

∙Reviewing the tax provisions of the Company with the assistance of our independent tax specialists; and

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Page 5

HEALTHSOURCE (BROMLEY) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEALTHSOURCE (BROMLEY) LIMITED (CONTINUED)

Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nelligan FCA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

Date: 22 December 2025

Page 6

HEALTHSOURCE (BROMLEY) LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

	2025	2024
Note	£	£


Turnover	3	6,771,398	6,638,868
Cost of sales		(1,840,697)	(2,080,502)
Gross profit		4,930,701	4,558,366
Administrative expenses		(2,368,708)	(2,132,645)
Operating profit		2,561,993	2,425,721
Interest receivable and similar income	5	275,849	228,821
Interest payable and similar expenses	6	(148,226)	(147,901)
Profit before tax		2,689,616	2,506,641
Tax on profit	7	(676,610)	(630,863)
Profit for the financial year		2,013,006	1,875,778

There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 10 to 22 form part of these financial statements.

Page 7

HEALTHSOURCE (BROMLEY) LIMITED

REGISTERED NUMBER: 04197976

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible fixed assets			8,126,384		7,366,721
Current assets
Debtors: amounts falling due after more than one year	10	171,203		233,512
Debtors: amounts falling due within one year	10	1,342,200		1,333,917
Cash at bank and in hand	11	8,547,973		6,467,631
		10,061,376		8,035,060
Creditors: amounts falling due within one year	12	(1,741,274)		(1,036,481)
Net current assets			8,320,102		6,998,579
Total assets less current liabilities			16,446,486		14,365,300
Creditors: amounts falling due after more than one year	13		(1,387,163)		(1,409,627)
Provisions for liabilities
Deferred tax	16	(1,572,726)		(1,282,082)
			(1,572,726)		(1,282,082)
Net assets			13,486,597		11,673,591

Capital and reserves
Called up share capital	17	100,000	100,000
Profit and loss account	18	13,386,597	11,573,591
Shareholders' funds		13,486,597	11,673,591

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A T S Parry

Director

Date: 22 December 2025

The notes on pages 10 to 22 form part of these financial statements.

Page 8

HEALTHSOURCE (BROMLEY) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2023	100,000	9,897,813	9,997,813
Comprehensive income for the year
Profit for the year	-	1,875,778	1,875,778
Other comprehensive income	-	-	-
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	1,875,778	1,875,778
Contributions by and distributions to owners
Dividends: Equity capital	-	(200,000)	(200,000)
Total transactions with owners	-	(200,000)	(200,000)

At 1 April 2024	100,000	11,573,591	11,673,591
Comprehensive income for the year
Profit for the year	-	2,013,006	2,013,006
Other comprehensive income	-	-	-
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	2,013,006	2,013,006
Contributions by and distributions to owners
Dividends: Equity capital	-	(200,000)	(200,000)
Total transactions with owners	-	(200,000)	(200,000)
At 31 March 2025	100,000	13,386,597	13,486,597

The notes on pages 10 to 22 form part of these financial statements.

Page 9

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Healthsource (Bromley) Limited is a private Company, limited by shares and incorporated in England and Wales, registered number 04197976. The registered office address is Unit 18 Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

These financial statements are presented in sterling which is the functional currency of the Company rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS 102, with the exception of matters disclosed in note 2.18. Management have concluded that the financial statements present a true and fair view of the Company's affairs as at 31 March 2025 and of its profit for the year then ended.

2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Cardale PFI Investments Limited as at 31 March 2025 and these financial statements may be obtained from the registered office at 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

Page 10

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.4

Going concern

The financial statements have been prepared on the going concern basis. The Company has been profitable in the period, is in a net asset position with strong cash reserves and has generated sufficient cash to meet its liabilities as they fall due. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business, including current global uncertainties. In doing so the Directors have considered the Company’s business model and availability of cash resources.

The company has a PFI contract with King's College Hospital NHS Foundation Trust which matures in 2032. The directors have prepared projected cash flow information for at least twelve months from the date of their approval of these financial statements, and financial models for the duration of the PFI contract. On the basis of this cash flow information, the directors consider that the Company will continue to operate within the long term facility currently agreed. In addition, during the operational phase of the project, sufficient cash flow has been, and is, projected to continue to be generated to allow the Company to meet its liabilities as they fall due for payment.

Accordingly, the directors believe it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The Company recognises income when it has fully fulfilled its contractual obligations. In accordance with FRS 102, the Company includes sales and purchase transactions related to variations under the original contract where the benefits and risks are retained by the Company, within the financial statements as turnover and operating costs.

Transactions to which the Company does not have access to all the significant benefits and risks are excluded from the financial statements.

Page 11

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.6

Service concession arrangements - accounting by operators

Under transitional rules, the Company has elected not to apply FRS102 to Service concession arrangements that were entered into before the date of transition. These relate to PFI contracts which under FRS 5 Application Note F "Private Finance Initiative and Similar Contracts" the Directors are of the opinion that the Company bears the majority of the risks and benefits of the medical equipment and as a result this asset was correctly disclosed as a tangible fixed asset. Revenues received from King's College Hospital NHS Foundation Trust are credited to the profit and loss account as receivable.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 12

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Medical equipment

Between 5 and 19 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Prepayments and accrued income

Expenditure relating to legal and professional fees incurred in setting up the contract are included in prepayments and accrued income when recovery can be regarded as virtually certain, to the extent that the contract is expected to result in future net cash inflows with a net present value no less than all amounts recognised as an asset. The costs are amortised over the expected project contract life or over the period in which revenue is reasonably expected to accrue, whichever is the shorter.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 14

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Derivatives, including interest rate and inflation rate swaps, are not basic financial instruments.

Page 15

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.17

Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured to fair value at each reporting date. Fair value gains and losses are recognised in the statement of comprehensive income unless hedge accounting is applied and the hedge is a cash flow hedge.

To qualify for hedge accounting, the Company documents the hedged item, the hedging instrument and the hedging relationship between them and the causes of hedge ineffectiveness.

The Company elects to adopt hedge accounting for interest rate swaps (the 'swaps') where:

∙The swaps are a qualifying hedging instrument with an external party that hedges rate risk on a loan, part of the nominal amount of a loan, or a group of loans managed together that share the same risk and that qualify as a hedged item;

∙The hedging relationship between the swaps and the interest rate risk on the loan is consistent with the risk management objectives for undertaking hedges (i.e. to manage the risk that fixed interest rates become unfavourable in comparison to current market rates or the variability in cash flows arising from variable interest rates); and

∙The change in the fair value of the swaps is expected to move inversely to the change in the fair value of the interest rate risk on the loan.

2.18

Hedge accounting

The Company used variable to fixed rate interest and inflation rate swaps to manage its exposure to interest and inflation rate cash flow risk on its variable rate debt. These derivatives are measured at fair value at each balance sheet date.

To better reflect the nature of the long term financing structure in operation, and in a modification to accounting standards, all cumulative hedging gains or losses on the hedged item are recognised as an asset or a liability, with a corresponding gain or loss recognised in the statement of comprehensive income. Management believe that this treatment better reflects the financing profile in operation across the life of the structure.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 16

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

	Unitary charge	6,771,398	6,638,868

All turnover arose within the United Kingdom.

Employees

During the current and prior year, no director received any emoluments.

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	2	2

5.	Interest receivable
		2025	2024
		£	£

Other interest receivable

275,849

228,821

6.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	19,014	18,689
Other loan interest payable	129,212	129,212
	148,226	147,901

Page 17

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	385,964	25,887

Total current tax	385,964	25,887

Deferred tax
Origination and reversal of timing differences	290,646	604,976
Total deferred tax	290,646	604,976


	Taxation on profit on ordinary activities	676,610	630,863

Profit on ordinary activities before tax

2,689,616

2,506,640

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	672,404	626,660
Effects of:
Short-term timing differences and rate changes leading to an increase (decrease) in taxation	4,206	4,203
Total tax charge for the year	676,610	630,863

Factors that may affect future tax charges

There were no factors affecting future tax charges. Deferred taxation has been provided at 25%.

Page 18

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	Dividends
		2025	2024
		£	£

Dividends Paid

200,000

Dividends of £200,000 (2024 - £200,000) were paid during the year. The directors have not recommended a final dividend to be paid (2024 - £Nil).

9.	Tangible fixed assets

		Medical equipment
		£
	Cost or valuation
	At 1 April 2024	14,614,169
	Additions	2,418,776
	Disposals	(1,904,988)
	At 31 March 2025	15,127,957
	Depreciation
	At 1 April 2024	7,247,448
	Charge for the year on owned assets	1,634,643
	Disposals	(1,880,518)
	At 31 March 2025	7,001,573
	Net book value
	At 31 March 2025	8,126,384
	At 31 March 2024	7,366,721

Page 19

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.	Debtors
		2025	2024
		£	£

Due after more than one year
Prepayments and accrued income	171,203	233,512

					2025	2024
					£	£

Due within one year
Trade debtors	867,439	940,599
Other debtors	81,442	-
Prepayments and accrued income	393,319	393,319
	1,342,200	1,333,918

11.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	8,547,973	6,467,631

12.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	748,678	374,378
Amounts owed to group undertakings	123,584	123,584
Group relief payable	385,965	25,887
Other taxation and social security	-	77,884
Accruals and deferred income	483,047	434,748
	1,741,274	1,036,481

Page 20

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	288,861	284,958
Amounts owed to group undertakings	1,000,000	1,000,000
Accruals and deferred income	98,302	124,669
	1,387,163	1,409,627

Secured loans

Interest is charged on the amounts drawn on each of the facilities at rates based on 3 month GBP SONIA. The bank loan is secured against all assets of the Company. The Company has an outstanding balance on the loan, inclusive of amortised debt issue costs of £303,413 at 31 March 2025 (2024 - £303,413).

Amounts owed to group undertakings are unsecured loan notes maturing in 2032, provided by Healthsource (Bromley) Holdings Limited, the Company's immediate parent company. The interest being charged is at a fixed rate of 11.5% p.a on a quarterly basis. The Notes are repayable in units of £50,000 when permitted by the terms of the Bank borrowings documentation and have a final redemption date of 31 December 2032.


Amounts falling due 2-5 years
Bank loans	288,861	-
Amounts falling due after more than 5 years
Bank loans	-	284,958
Amounts owed to group undertakings	1,000,000	1,000,000
	1,000,000	1,284,958
	1,288,861	1,284,958

15.	Basic financial instruments

Financial assets held that are debt instruments measured at amortised cost amounted to £867,439 (2024 - £940,599).

Financial liabilities held that are debt instruments measured at amortised cost amounted to £2,161,123 (2024 - £1,782,920).

Page 21

HEALTHSOURCE (BROMLEY) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

16.	Deferred tax liability

		Deferred tax
		£

	At 1 April 2024	1,282,082
	Charged to profit or loss	290,644
	At 31 March 2025	1,572,726

The deferred tax liability at the year end is made up of accelerated capital allowances.

17.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100,000 (2024 - 100,000) Ordinary shares of £1.00 each	100,000	100,000

18.

Reserves

Other reserves

The other reserves historically relates to the hedging reserve which represents movements in the fair value of the interest rate swap derivatives and associated deferred tax.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

19.	Related party transactions
	The Company has taken advantage of the exemption in section 33A of FRS 102 Section 1A from disclosing transactions with wholly owned group members.

20.	Controlling party

The immediate parent undertaking is Healthsource (Bromley) Holdings Limited, a company registered in England and Wales.

The ultimate parent undertaking and controlling party is Cardale PFI Investments Limited.

Consolidated financial statements are available from the registered office at 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

Page 22